Last Decenber my wife won second place in a Slot Tournament at the Luxor.
When the IRS forms arrived I was suprised to find that the winnings were
reported on a 1099 Misc. Income Form not on a W2G. Is this the normal way
casinos handle this type of a win.
Does this mean that I cannot deduct losses against these winnings?
Waylon
Last Decenber my wife won second place in a Slot Tournament at the
Luxor.
When the IRS forms arrived I was suprised to find that the
winnings were
reported on a 1099 Misc. Income Form not on a W2G. Is this the
normal way
--- In vpFREE@yahoogroups.com, "wcooke30328" <wcooke@m...> wrote:
casinos handle this type of a win.
Does this mean that I cannot deduct losses against these winnings?
Waylon
=================================
I've had the same 1099Misc given to me for large drawing wins. My
tax accountant treats them just the same as a W2-G and throws those
wins in with other gambling wins.
<<Last December my wife won second place in a Slot Tournament at the Luxor.
When the IRS forms arrived I was surprised to find that the winnings were
reported on a 1099 Misc. Income Form not on a W2G. Is this the normal way
casinos handle this type of a win.>>
I shouldn't even answer this one the mood I am in this morning. But I can't help myself - if casinos ever did anything the "normal" way I could retire from writing!!!!!!! I had to write a whole book on casinos and the "un-normal" way they handle tax issues!!!!
________________________________________
Jean $¢ott - Go to http://www.FrugalGambler.biz
for VP software and strategy cards; "frugal" books;
and the NEW "Tax Help for the Frugal Gambler."
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